MultiPlan (MPLN) - 2025 Q1 - Quarterly Report

Financial Position - As of March 31, 2025, the Company had total long-term debt of $4,555.15 million, with a fair value of $3,408.53 million[66]. - The fair value of long-term debt is estimated using Level 2 inputs, as these are not registered securities nor listed on any exchange[66]. - The Company had cash and cash equivalents of $10.0 million as of March 31, 2025, which included money market funds valued based on Level 1 measurements[64]. - The Company has irrevocable letters of credit totaling $5.2 million outstanding as of March 31, 2025, related to real estate lease agreements and a captive insurance subsidiary[71]. Revenue and Income - Revenues for the three months ended March 31, 2025, were $231.33 million, a decrease of 1% from $234.51 million in the same period of 2024[80]. - Operating income for Q1 2025 was $9.74 million, compared to an operating loss of $486.44 million in Q1 2024[80]. - Net loss for the three months ended March 31, 2025, was $71.32 million, significantly improved from a net loss of $539.69 million in Q1 2024[81]. - Basic and diluted net loss per share for Q1 2025 was $(4.38), compared to $(33.40) for Q1 2024[81]. Expenses - Total expenses for Q1 2025 were $221.59 million, down from $720.94 million in Q1 2024, reflecting a substantial reduction in costs[80]. - General and Administrative expenses increased to $50.64 million in Q1 2025 from $34.86 million in Q1 2024, primarily due to higher personnel costs and other G&A expenses[80]. - Interest expense for Q1 2025 was $91.64 million, up from $82.20 million in Q1 2024[80]. - Related party expenses amounted to $19 thousand in Q1 2025, down from $36 thousand in Q1 2024[82]. Impairment and Litigation - There were no impairment charges for the three months ended March 31, 2025, while impairment charges of $519.1 million were recorded for the same period in 2024[69]. - The company reported no loss on impairment of goodwill and intangible assets in Q1 2025, contrasting with a loss of $519.05 million in Q1 2024[80]. - The Company believes that ongoing litigation will not have a material adverse effect on its financial condition or results of operations[72]. - The Company received $9.8 million in recoveries from insurers related to a settled litigation case in the three months ended September 30, 2024[73]. Operational Overview - The Company operates as a single segment focused on providing data analytics and technology-enabled cost management solutions to the U.S. healthcare industry[76]. - The Company has identified significant expenses including personnel costs, stock-based compensation, and access and bill review fees, which are regularly reviewed by the Chief Operating Decision Maker[77]. - The Company recorded no value for the 476,717 Private Placement Warrants and 310,102 Unvested Founder Shares as of March 31, 2025[61]. Share Information - The weighted average number of shares outstanding for basic and diluted calculations was 16,273,439 for Q1 2025, compared to 16,158,356 for Q1 2024[81].